Finally, finally someone in government is talking straight to the Bahamian people on what the EU is requiring....the two way movement of capital (dismantling of exchange controls, Bahamians will be able to invest outside the country as well) and the elimination of ring fenced industries reserved for Bahamians (I mean Bahamian elites/government eg. oil importation, electrical generation, ports, legal, accounting and retail). While they are at it they need to get rid of these dreadful Heads of Agreement deals giving away our land, sea and taxes to a single individual (normally some shady individual). Happy to see they are not going to sell anymore crown land Bahamian cays so foreigners can destroy them and take them out of reach of Bahamians like a gated community (unless you are there to mow the lawn).

Well done!

The word is already out. The only investors we can attract now is Oban style.

Baha style duplicity at its best. Even his own director, formerly a harsh critic of the current owners, once he got in power, switch on him.

A lesson for all about politicians.

Why do the same old people who should be retired always get the international exposure?

Why not send some fresh young people.

No wonder any young people who have the opportunity never return after being educated international.

No opportunities for them here.

So guys. The implementation of “corporate” income tax will not get the Bahamas off the blacklist so stop trying to spin the narrative similar to the first blacklist in 2000. The EU will not accept an isolated tax trick.

All that would happen is that the rich will simply move thier assets to trusts, foundations and to thier individual names to avoid the tax.

Then the offshore industry will creat a hybrid human foundation which has the benefits of a corporation but pay no taxes.

DKK, why should the poor pay taxes. obviously the rich foreigners are not paying them either. Isn’t that why we were blacklisted by the EU?

Seems like only the middle class Bahamians are paying!

Tal, what do you think about legalizing the Shanty Towns in the same manner that we dealt with the Web Shops which created a massive industry.

They would be called Shanty Free Trade Economic Empowerment Zone.

Nothing much would be changed but it would essentially legalize the non payment of VAT, no business license fees, the ability to generate and sell electricity, water and internet.

With the revenue the Shanty merchants generate they would be required to reinvest thier massive profits in rental units built to code.

It would be a big win for the FNM like the webshops were for the PLP!

The shanty towns exist because they are providing low cost labor to the business community, foreign residence and gated communities that are populated by millionaires and the elites.

Government is complicit by the issuance of work permits to persons that actually reside in shanty towns. Government also subsidizes the special interest by providing free education and health care to the unfortunate and exploited working class.

It’s a simple fix but no politician will touch it due to the special interests that control the politician.

Stop issuing work permits unless an individual has a proper and inspected place to live. Ahhh, there is the conflict. How much revenue does the government and intermediaries make off of work permits?

It’s always hard to solve a problem you really don’t want want to solve.

The Bahamas will constantly be plagued with black listing because the country is only halfheartedly implementing fiscal and tax reforms to meet the bare minimum of a moving target.

Eg. we implimented VAT to get rid of customs duties and business licence fees to enhance free trade. We halfheartedly implemented a low VAT and left customs duties and business license fees in place. Further burdening the private sector with burdensome tax bills.

KP simply signing a letter is not going to "do the trick". Never has and never will.

As long as government follows the advice of offshore banks, trusts, foundations, lawyers, special interest, high net-worth residents and tax accountants it will never meet the evolving requirements of the global trading blocks (EU, Nafta, TTP etc.). Why? Because the Bahamas has no income tax, no corporate tax, no individual tax, no capital gains tax, no interest income tax, no dividend tax, no inheritance tax and no beneficial owner transfer taxes. Simply moving to the Bahamas can save a corporation or individual billions in taxes over decades. That's harmful to the tax base of developed countries. No wonder they are upset.

IBCs can be set up with nominee shareholders, directors, officers with the sole purpose of moving money and assets around the world without the disclosure of true beneficial interest.

Registered agents set up these corporations with no fiduciary duty (agency responsibilities only) other than knowing the customer. Knowing your customer is only the starting point. In developed countries corporations must file financial statements with the registry and prepare annual tax returns. No such requirement in the Bahamas.

Now that we appear to be embracing Bitcoin and webshops (quasi financial services) it only pours oil on the fire. In the meanwhile the international banks are bailing out of commercial banking on the jokey pretext of moving their platforms onto the web. Anyword on ACH? Every tried moving money from one Bahamian bank to another electronically? Good luck with that. Meanwhile there is silence from the government and the regulator. Sometime you can't even make a deposit in the bank...where is the regulator in all this?

This is all smoke and mirrors.

If Adrian really wanted change he would fire himself and the entire FNM Board, outsource the services of W&S to the private sector and liquidate the company.

As long as politically appointed Chairmen (FNM, PLP or DNA for that matter), Board and the Cabinet continue to act like they are businessmen W&S will continue to loose hundreds of millions in the decades to come.

We can all forget about reducing the deficit.